Oil and gas will continue to dominate US energy consumption through 2050, according to the latest outlook from the US Energy Information Administration (EIA). The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. Oil in 3D: the Demand Outlook to 2050. Forecasts of Global Passenger Sector Oil Demand. Investment in oil and natural gas is required to replace natural decline from existing production and to meet future demand under all assessed 2 o C scenarios. the global energy system, with a more diverse energy mix, greater consumer choice, more localized energy markets, and increasing levels of integration and competition. Oil and gas forecast to 2050 Oil and gas will be crucial components of the world’s energy future. The British oil and gas company also said current recoverable global oil supplies of around 2.6 trillion barrels are sufficient to meet demand out to 2050 twice over. Based on a scenario with rapid electrification of the global vehicle fleet and a significant expansion of plastic recycling, the demand for oil products will reach half of today's level by 2050. The IEEJ forecasts oil demand will increase to 116 million b/d in 2050 mainly due to growing demand for transport fuel and petrochemical feedstocks based on its reference scenario, Suehiro said. Schalk Cloete is creating his own Global Energy Forecast to 2050. Artyom Tchen, Senior Oil Markets Analyst at Rystad Energy, said: “The slow recovery will permanently affect global oil demand levels, shaving at least 2.5 MMb/d off our forecasts made before the coronavirus. Oil demand from passenger vehicles is hit hard by COVID-19 and never recovers to 2019 levels, but growth in heavy commercial vehicles keeps overall road transport oil demand growing until 2031. While there is slight growth in some of the forecasts through 2025, beyond that, demand is expected to remain flat or decline. Schalk Cloete is creating his own 5-part independent Global Energy Forecast to 2050, to compare with the next IEA World Energy Outlook, due in November.To make his predictions he has created simulations of cost-optimal technology mixes and made his own assumptions over the drivers that will affect them: policy, technology, demand growth and behavioural change are all included. Roughly half of the oil demand growth of about 20 million b/d by 2050 will be met by OPEC producers in the Middle East because of their abundant reserves and low production costs in the IEEJ … Scenarios are not forecasts, and they do not reveal what the future holds. The global oil demand forecast for 2020 ... BP revised down its own oil forecasts by almost a third to an average of $55 a barrel between 2020 and 2050. The GECF GGO aims to be a global reference for insights on natural gas markets and offers a view on natural gas market drivers, evolution and predictions to help to envision the world energy future over the 2050 forecast horizon. These changes underpin core beliefs about how the global energy system may restructure in a low-carbon transition. LNG demand growth will slow markedly but will still grow by 0.5 percent from 2035 to 2050, with more than 200 million metric tons of new capacity required by 2050. Our Research team investigated whether the globe’s estimated oil needs for the next few decades could be compatible with such a drop. And so do we. Asian oil demand will continue to rise strongly, albeit at a slower pace than in the recent past. Social. BP delivered a more pessimistic outlook for oil, forecasting oil demand around 3 million b/d lower in 2025 compared to 2019 levels and almost halving to less than 55 million b/d by 2050, due to "scarring effects" from the crisis that will hit absolute demand for fossil fuels. Petrochemical feedstock is the only oil growth segment in the CTS. The GECF GGO 2050 consists of 6 chapters. Opec reiterated its 2021 forecasts for world oil demand on Tuesday, as it nudged its predictions for global economic growth higher. Global Energy Perspective 2021 Explore the report In the modern history of energy, there has never been a sustained decline in the consumption of any traded fuel,” said Spencer Dale, the chief economist at BP. The demand for oil is projected to continue to grow in absolute terms because of rising world population and growing global GDP reaching 9.9 billion and $262.65 trillion respectively by 2050. “This would be entirely unprecedented. The Energy Outlook explores the forces shaping the global energy transition out to 2050 and the key uncertainties surrounding that transition. Oil powers the cars we drive and the flights we take; it heats many of our homes and offices. To achieve the global emissions pledge by 2050 and limit temperature rises to agreed targets, oil demand may need to fall 30%. By 2050, per capita oil demand for plastics overtakes road passenger transport in several regions. Meet or exceed Canada’s 2030 and 2050 targets; Integrate global energy demand and link the market for all Canadian energy exports (including fossil fuels, electricity, and hydrogen) to global demand under a 1.5ºC limit. WASHINGTON - In its International Energy Outlook 2019 (IEO2019), the U.S. Energy Information Administration projects that world energy consumption will grow by nearly 50% between 2018 and 2050. While renewable energy will increase its share of the energy mix, oil and gas will account for 44% of world energy supply in 2050, compared to 53% today. A majority of this will likely come from US projects representing the long-run marginal LNG-supply BP's 2020 Energy Outlook sees oil consumption topping out not much higher than it is now: around 100 million barrels of oil per day, the same level as last year. The outlook highlights that fossil fuels accounted for 85% of primary energy demand in 2018 but that by 2050 they may represent only 65 to 20% of the share. McKinsey forecasts that this will lead to a projected peak in demand in the early 2030s with a volume of 108 million barrels. The price of oil could plunge to as little as $10 a barrel by 2050 if the world succeeds in electrifying the energy market and meeting Paris Agreement goals, a consultancy said. All of this demand growth relative to 2019 is expected to come from emerging and developing economies, underpinned by rising populations and incomes. We have lost at least two years of oil demand growth in 2020 and 2021, while before the virus we expected yearly growth of 1 MMb/d. Oil demand. Figure 13 contains forecasts for oil demand in the global passenger vehicle sector. Passenger vehicle sector oil demand is currently about 25 million barrels per day. Wood Mackenzie said under its accelerated energy transition scenario that oil demand could fall 70% by 2050 from current levels. Oil demand from road passenger transport versus plastics. Rich with data, his major predictions include a global policy shift from technology-forcing to technology-neutrality shortly before 2030, … He wants to see how his own independent analysis will match up with the next IEA World Energy Outlook, due in November. By 2040, 10 of the 13 assessed 2 o C scenarios project that oil and gas will continue to supply more than 50 percent of global energy. Full Title: Oil in 3D: the demand outlook to 2050 Author(s): Barclays Research Publisher(s): Barclays Research Publication Date: May 7, 2019 Full Text: Download Resource Description (excerpt):. Despite near-tripling in plastic waste collection by 2050, the limited availability of cost-effective substitutes for oil feedstock means that oil demand for petrochemicals remains resilient. The forecast is more than 8m bpd lower than the global demand for oil last ... to an average of $55 a barrel between 2020 and 2050. The 2020 edition of the annual outlook reveals – albeit indirectly – that global oil demand will not regain the levels seen last year. The world has already passed “peak oil” demand, according to Carbon Brief analysis of the latest energy outlook from oil major BP. “Petroleum is sticky, natural gas is increasing and coal is declining,” Angelina LaRose, EIA’s assistant administrator for energy analysis, told a webinar launching the new forecast Wednesday. LNG demand grew by 1% in 2020, while global gas demand declined. It forecast demand for oil … EVs across all segments are already displacing 1 million barrels of oil demand per day. As a result, Wood Mackenzie predicts the global Brent oil benchmark may drop to an average between US$10 per barrel and US$18 per barrel by 2050. The global energy system is likely to undergo a fundamental restructuring in order to decarbonize, which will create challenges and opportunities for the industry. Longer term, the share of LNG in the global gas supply will increase from today’s 13% to 23% by 2050 as it meets demand growth and replaces declining pipeline and domestic gas. 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